There has been a leadership spill at the helm of APN News and Media, amid a stoush over a capital raising.

APN runs radio networks including Mix and Classic Hits, a billboard advertising business, dozens of Australian regional newspapers and some of New Zealand's leading mastheads.

The company's chief executive, chairman and three board directors have resigned from today after its top shareholder, the Irish company Independent News and Media, urged a delay to any capital raising, which would dilute its holding in APN.

Independent News and Media (INM) was supported in the bid to block an immediate capital raising by fund manager Allan Gray, with the two parties holding around 51 per cent of APN's shares.

The company's chairman Peter Hunt, CEO Brett Chenoweth and three independent directors (Melinda Conrad, John Harvey and John Maasland) have resigned effective from 9:00am (AEDT) this morning.

In a statement, the five former directors described their position as "untenable" given the disagreement.

Another independent director, Kevin Luscombe, will retire in April 2013, as previously planned.

APN says last Friday the board received a requisition from INM for an extraordinary general meeting to replace six directors, including the chairman and CEO, and establish a new board.

The company says the new board would initially consist of two INM representatives, Vincent Crowley and Paul Connolly, as well as Peter Cosgrove and deputy chairman Ted Harris.

APN says it will still announce its full-year results later this week.

The outgoing directors wanted the capital raising to be launched on the same day as the results.